RIC

Quốc tế Hoàng Gia ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 14.09%, +43.05pp YoY

Price

8,700

Latest close

02 Jun 2026

P/E 25.36x

P/B 1.03x

EPS 343

BVPS 8,450

ROE 4.2%

ROA 2.6%

Profit Margin 14.1%

Asset Turnover 0.19x

Equity Mult. 1.61x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, RIC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — this marks a reversal from the difficult phase before. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 171bn
	                                
+40.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
+168.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	157.1	133.4	111.6	117.8	75.2
Growth	+18%	+20%	-5%	+57%	—
Net Income	6.8	-27.2	-101.8	-60.5	-96.8
Net Margin	4.34%	-20.40%	-91.22%	-51.35%	-128.69%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	44.0	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5
Growth	-5%	+35%	-27%	+61%	-11%	-9%	+44%	-19%	+26%	-21%	+50%	—
Net Income	7.4	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9
Net Margin	16.74%	17.54%	-3.87%	21.34%	-32.12%	-17.57%	-5.29%	-74.37%	-60.15%	-98.06%	-37.59%	-121.39%

Drivers of RIC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 64.1bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 15.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -6.1% = -29.0% × 0.13 × 1.58

2026Q1 4.2% = 14.1% × 0.19 × 1.61

ROE rose from -6.1% to 4.2% — all three components improved, with net margin contributing the most.

Net margin: 14.1% +43.1pp Asset turnover: 0.19x +0.05x Leverage: 1.61x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 14.09%, rising 43.1pp. The main driver is Gross margin rose 35.3pp and SG&A / Revenue fell 8.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 1.2pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 14.09% +43.1pp

Gross Margin 42.71% +35.3pp

SG&A / Revenue 20.02% −8.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.24x +0.07x

Average Invested Capital 718.5bn −25.3bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.59x equity, net debt at 0.20x equity.

Over the last 12 months, working capital absorbed 5.1bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +3.8bn

Inventories decreased → higher CFO: +1.3bn

Payables decreased → lower CFO: −10.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO rose 2.9 days, DSO fell 6.3 days, and DPO rose 0.3 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +2.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 17.7 days −6.3 days

Inventory 43.9 days +2.9 days

Payables 10.9 days +0.3 days

Cash Conversion Cycle 50.6 days −3.7 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at 1.01x.

At present, short-term debt accounts for 30.3% of total debt, cash equals 30.1% of debt, and total debt stands at 166.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.01x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.20x −0.12x

Interest Coverage 1.01x +2.49x

Cash / Debt 30.1% +16.2pp

Short-term Debt / Total Debt 30.3% −6.2pp

CFO / NI 2.49x +2.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 51.9bn in 2025, against investing cash flow of -1.9bn.

Post-investment cash flow was positive +50.1bn. Financing cash flow was negative +46.1bn.

CFO / net income was 2.49x.

After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of +57.8bn.

Cash Conversion

CFO TTM 60.0bn +72.2bn

Cash Capex 2.2bn −0.1bn

FCF TTM +57.8bn +72.4bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 43.1 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.01x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 14.09% after expanding 43.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.01x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	157.1	133.4	111.6	117.8	75.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	157.1	133.4	111.6	117.8	75.2
Cost of Goods Sold	99.3	112.8	152.6	125.0	0.0
Gross Profit	57.8	20.5	-41.0	-7.3	-46.7
Financial Income	7.3	12.2	7.5	6.6	2.3
Financial Expenses	24.2	24.2	24.7	11.8	-6.4
Interest Expense	22.7	23.0	22.3	9.9	-4.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	12.9	12.2	14.0	13.5	-11.2
General and Administrative Expenses	21.4	23.1	29.2	33.6	-34.7
Operating Profit	6.6	-26.8	-101.4	-59.6	-96.7
Other Income	0.6	0.1	0.1	0.2	0.0
Other Expenses	0.4	0.5	0.5	1.1	0.0
Other Profit	0.3	-0.4	-0.4	-0.9	-0.1
Profit Before Tax	6.8	-27.2	-101.8	-60.5	-96.8
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.8	-27.2	-101.8	-60.5	-96.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.8	-27.2	-101.8	-60.5	-96.8
Earnings per Share	97.00	-387.00	-1,446.40	-859.00	-1,376.11
Diluted EPS	96.80	-386.53	-1,446.40	-859.00	-1,376.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	58.9	52.8	40.9	44.6	31.3
I. Cash and cash equivalents	41.7	36.9	26.1	13.5	9.2
1. Cash	41.7	36.9	26.1	13.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	13.5	11.9	10.5	17.7	14.4
1. Short-term trade accounts receivable	8.7	8.4	7.8	14.0	0.0
2. Short-term prepayments to suppliers	4.4	3.7	3.1	4.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.4	5.9	5.6	5.5	0.0
7. Provision for short-term doubtful debts (*)	-6.0	-6.0	-6.0	-6.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.2	3.3	4.0	8.2	7.5
1. Inventories	2.2	3.3	4.0	8.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	0.7	0.3	5.3	0.2
1. Short-term prepayments	0.1	0.7	0.3	1.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	4.3	0.0
3. Taxes and other receivables from state authorities	1.3	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	868.7	870.3	863.1	884.5	824.1
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	798.7	801.7	795.2	819.0	699.3
1. Tangible fixed assets	798.7	801.6	795.0	818.8	699.1
- Cost	1,540.7	1,492.3	1,424.0	1,384.9	0.0
- Accumulated depreciation	-742.0	-690.7	-629.0	-566.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.1	0.2	0.2
- Cost	117.3	113.5	108.2	105.4	0.0
- Accumulated depreciation	-117.3	-113.5	-108.1	-105.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	51.0	49.4	47.1	45.9	100.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	51.0	49.4	47.1	45.9	0.0
V. Long-term financial investments	10.9	10.6	10.1	9.8	9.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	10.9	10.6	10.1	9.8	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.0	8.6	10.8	9.8	0.0
1. Long-term prepayments	0.7	1.3	3.9	4.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	7.2	7.4	6.9	5.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	927.6	923.1	904.1	929.1	855.4
A. LIABILITIES (300=210+330)	344.1	364.8	345.5	285.9	167.2
I. Short -term liabilities	222.9	237.6	229.8	202.8	167.2
1. Short-term trade accounts payable	2.6	3.6	4.1	13.5	1.9
2. Short-term advances from customers	0.9	0.7	0.8	0.7	0.4
3. Taxes and other payables to state authorities	9.0	5.7	3.2	2.3	0.0
4. Payable to employees	8.8	3.5	7.6	5.1	0.0
5. Short-term acrrued expenses	59.1	42.0	60.7	13.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	2.2	1.0	1.0	0.0
9. Other short-term payables	92.8	92.4	89.3	92.8	0.0
10. Short-term borrowings and financial leases	49.3	87.4	62.9	74.4	82.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	121.2	127.2	115.8	83.1	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	121.2	127.2	115.8	83.1	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	583.5	558.3	558.6	643.3	688.1
I. Owner's equity	583.5	558.3	558.6	643.3	0.0
1. Owner's capital	703.7	703.7	703.7	703.7	688.1
- Common stock with voting right	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	81.4	81.4	81.4	81.4	81.4
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	384.5	366.2	339.2	322.2	0.0
8. Investment and development fund	11.2	11.2	11.2	11.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-597.3	-604.1	-576.9	-475.2	-406.4
- Accumulated retained earning at the end of the previous period	-604.1	-576.9	-475.2	-414.7	-309.8
- Undistributed earnings in this period	6.8	-27.2	-101.8	-60.5	-96.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	927.6	923.1	904.1	929.1	855.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.8	-27.2	-101.8	-60.5	-96.5
Depreciation of Fixed Assets and Investment Property	30.6	33.3	47.7	44.2	44.6
Provision (Increase)/Reversal	-0.2	-0.3	-0.2	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.3	-4.3	-2.2	1.3	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	0.1	0.0
Interest Expense	22.7	23.0	22.3	9.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	55.6	24.5	-34.1	-5.1	-49.6
Increase/(Decrease) in Receivables	2.6	-0.8	12.0	-15.2	0.0
Increase/(Decrease) in Inventory	1.2	0.9	2.6	1.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9	-41.0	30.4	20.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	2.4	1.7	-4.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.8	-5.7	-6.6	-7.7	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	51.9	-19.9	6.0	-10.1	-65.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	-1.3	-12.6	-57.3	3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	1.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.9	-1.3	-12.6	-57.3	4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	120.6	158.1	151.2	214.3	138.5
Repayment of Borrowings	-166.7	-126.0	-131.6	-142.9	-100.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-46.1	32.1	19.6	71.4	38.2
Net Cash Flow During the Period	3.9	10.9	13.1	4.0	7.0
Cash and Cash Equivalents at Beginning of Period	36.9	26.1	13.5	9.2	32.2
FX Difference from Revaluation	0.9	-0.1	-0.5	0.3	-0.1
Cash and Cash Equivalents at End of Period	41.7	36.9	26.1	13.5	9.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	44.0	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	44.0	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5
Cost of Goods Sold	24.1	23.2	23.4	27.3	24.8	27.5	31.1	29.8	34.3	29.9	27.6	31.8
Gross Profit	19.8	23.0	10.8	19.5	4.3	5.1	4.7	-5.1	-3.6	-5.6	3.1	-11.3
Financial Income	0.6	1.4	1.2	5.4	0.5	3.4	8.3	2.3	1.3	0.6	1.0	1.6
Financial Expenses	5.1	6.5	5.6	6.4	6.3	6.2	5.7	5.5	6.0	7.7	5.2	4.1
Interest Expense	4.9	5.3	5.4	5.7	6.1	5.9	5.4	5.4	5.8	5.9	5.0	2.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.1	3.7	3.1	3.2	2.9	2.8	3.0	3.5	3.4	3.2	3.4	3.8
General and Administrative Expenses	4.8	6.3	4.9	5.3	4.8	5.2	6.2	6.6	6.7	7.6	7.0	7.3
Operating Profit	7.4	7.8	-1.5	10.1	-9.3	-5.7	-1.9	-18.4	-18.4	-23.6	-11.4	-24.9
Other Income	0.0	0.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Other Expenses	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.2	0.1	0.2
Other Profit	-0.1	0.3	0.2	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.2	-0.1	0.1
Profit Before Tax	7.4	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.4	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.4	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9
Earnings per Share	104.58	115.17	-18.87	142.13	-132.89	-81.49	-26.90	-262.04	-262.38	-338.21	-164.49	-353.45
Diluted EPS	104.58	115.17	-18.87	142.13	-132.89	-81.49	-26.90	-262.04	-262.38	-338.21	-164.49	-353.45

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	72.4	57.5	56.3	49.2	51.3	47.7	50.8	41.3	50.2	58.6	54.0	49.9
I. Cash and cash equivalents	50.1	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5
1. Cash	50.1	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	13.0	13.5	15.4	13.7	12.4	12.5	11.9	10.9	10.9	14.1	19.3	23.5
1. Short-term trade accounts receivable	8.2	8.7	9.5	8.3	8.4	8.2	8.2	7.8	7.7	11.7	16.2	14.0
2. Short-term prepayments to suppliers	4.2	4.4	5.4	4.9	4.0	4.3	3.6	3.6	3.6	2.8	3.4	10.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	6.5	6.4	6.6	6.4	6.1	5.8	6.0	5.6	5.8	5.6	5.6	5.5
7. Provision for short-term doubtful debts (*)	-6.0	-6.0	-6.0	-6.0	-6.0	-5.8	-6.0	-6.1	-6.2	-6.0	-5.9	-6.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.2	2.2	10.3	3.1	10.5	10.5	3.8	4.0	11.2	6.8	13.0	8.2
1. Inventories	11.2	2.2	12.3	3.1	12.4	12.3	3.8	4.0	13.0	6.8	14.7	8.2
2. Provision for decline in value of inventories	-1.9	—	-1.9	—	-1.9	-1.8	0.0	0.0	-1.8	0.0	-1.7	0.0
V. Other short-term assets	0.1	0.1	0.3	0.2	0.4	0.1	0.2	0.3	0.6	0.8	1.6	4.8
1. Short-term prepayments	0.1	0.1	0.3	0.2	0.4	0.1	0.2	0.3	0.6	0.8	0.6	1.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.0	3.9
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	860.2	869.3	872.5	877.4	860.2	841.6	885.6	863.1	873.3	862.4	863.9	878.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	797.1	798.7	809.3	807.3	799.0	782.0	815.9	795.2	811.0	795.4	803.5	810.4
1. Tangible fixed assets	797.1	798.7	809.3	807.3	798.9	781.9	815.8	795.0	810.9	795.2	803.3	810.2
- Cost	1,551.7	—	—	—	—	1,443.1	1,494.0	1,424.0	1,432.0	1,383.8	1,377.6	1,376.2
- Accumulated depreciation	-754.6	—	—	—	—	-661.2	-678.2	-629.0	-621.1	-588.6	-574.3	-566.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.2	0.2
- Cost	118.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-118.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	51.4	51.0	51.3	51.3	49.7	47.8	49.4	47.1	47.7	46.1	45.9	48.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	51.4	51.0	51.3	51.3	49.7	47.8	49.4	47.1	47.7	46.1	45.9	48.2
V. Long-term financial investments	11.0	11.5	11.0	10.9	10.7	10.3	10.6	10.1	10.2	9.8	9.8	9.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	11.0	11.5	11.0	10.9	10.7	10.3	10.6	10.1	10.2	9.8	9.8	9.8
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	8.0	0.9	8.0	0.9	1.6	9.7	10.8	4.3	11.2	4.7	9.8
1. Long-term prepayments	0.7	0.7	0.9	0.7	0.9	1.6	2.4	3.9	4.3	4.9	4.7	4.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	7.2	—	7.3	—	0.0	7.4	6.9	0.0	6.2	0.0	5.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	932.5	926.8	928.7	926.5	911.5	889.3	936.4	904.5	923.4	921.0	917.9	928.2
A. LIABILITIES (300=210+330)	337.9	342.8	350.1	353.1	359.3	342.3	335.7	317.0	313.7	313.8	289.9	284.9
I. Short -term liabilities	221.9	221.6	222.4	225.9	231.3	230.3	220.0	231.8	228.0	216.7	193.6	216.1
1. Short-term trade accounts payable	2.6	2.6	2.1	4.1	3.2	2.6	3.5	4.1	3.4	3.0	3.1	13.7
2. Short-term advances from customers	1.0	0.9	0.9	1.6	1.4	0.9	1.4	0.8	0.8	2.2	0.9	0.7
3. Taxes and other payables to state authorities	6.2	7.7	2.6	13.5	8.1	4.8	3.6	3.2	6.0	2.9	5.9	1.8
4. Payable to employees	4.0	8.8	4.5	4.3	4.0	4.7	4.7	5.1	5.0	4.8	4.8	5.1
5. Short-term acrrued expenses	62.9	59.1	55.9	51.7	46.5	39.5	49.4	32.4	27.4	21.7	17.0	12.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.4	0.4	0.5	1.0	0.4	0.9	0.7	1.0	1.2	0.5	0.9	1.0
9. Other short-term payables	94.3	92.8	95.4	96.1	94.0	89.9	93.4	89.3	90.4	88.0	90.1	92.8
10. Short-term borrowings and financial leases	50.5	49.3	60.6	53.6	73.7	87.0	63.3	95.8	93.7	93.5	70.7	88.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	116.0	121.2	127.7	127.2	128.0	112.0	115.8	85.2	85.7	97.1	96.4	68.9
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	116.0	121.2	127.7	127.2	128.0	112.0	115.8	85.2	85.7	97.1	96.4	68.9
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	594.6	584.0	578.6	573.4	552.2	547.0	600.7	587.5	609.7	607.3	628.0	643.3
I. Owner's equity	594.6	584.0	578.6	573.4	552.2	547.0	600.7	587.5	609.7	607.3	628.0	643.3
1. Owner's capital	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7
- Common stock with voting right	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00	703,687,540,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	388.4	384.5	387.3	380.8	369.5	319.9	367.9	339.3	342.9	321.5	318.5	323.0
8. Investment and development fund	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-590.0	-596.8	-604.9	-603.6	-613.5	-569.2	-563.5	-548.1	-529.4	-510.5	-486.7	-476.0
- Accumulated retained earning at the end of the previous period	-597.3	-604.1	-604.1	-604.1	-604.1	-548.7	-548.7	-475.2	-475.2	-475.2	-475.2	-414.7
- Undistributed earnings in this period	7.4	7.3	-0.8	0.6	-9.4	-20.5	-14.8	-72.9	-54.3	-35.4	-11.6	-61.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	932.5	926.8	928.7	926.5	911.5	889.3	936.4	904.5	923.4	921.0	917.9	928.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	7.4	7.6	-1.3	9.9	-9.4	-5.7	-14.8	-18.7	-18.9	-23.8	-11.6	-24.8
Depreciation of Fixed Assets and Investment Property	7.8	7.6	7.7	7.7	7.6	7.7	18.0	11.9	12.1	11.9	11.8	12.8
Provision (Increase)/Reversal	—	-0.0	-0.0	-0.2	—	0.0	-0.3	0.0	-0.0	0.0	0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.0	-4.3	—	0.0	-6.3	-0.8	0.0	1.6	0.0	2.2
Gain/Loss from Investment Activities	—	-0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Interest Expense	4.9	5.3	5.4	5.8	6.1	5.9	11.0	5.5	6.0	5.9	5.0	2.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	20.0	20.6	11.8	18.9	4.3	7.9	7.7	-2.1	-0.8	-4.5	5.2	-7.4
Increase/(Decrease) in Receivables	0.8	5.4	-1.5	-0.9	-0.3	-1.1	-0.4	-0.2	-0.6	9.6	-1.7	49.9
Increase/(Decrease) in Inventory	0.3	0.5	0.4	0.1	0.2	0.3	0.3	0.3	2.2	0.0	0.1	-5.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.9	3.1	-14.6	7.2	2.5	-28.2	1.8	-2.0	-5.6	4.1	-6.0	-70.5
Increase/(Decrease) in Prepaid Expenses	0.0	0.3	-0.3	0.5	0.7	0.8	1.8	0.7	0.9	-0.3	0.4	-2.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	1.7	-1.7	0.0
Interest Paid	-1.6	-2.0	-1.8	-1.3	-1.7	-1.5	-2.6	-1.3	-1.9	-3.6	0.0	-2.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	13.7	27.8	-6.0	24.4	5.7	-21.8	8.5	-4.6	-5.6	7.0	-3.7	-37.6
Payments for Fixed Assets and Other Long-term Assets	-0.7	0.4	-2.1	0.3	-0.4	-0.9	-0.4	-0.6	11.2	-11.3	-0.5	14.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	—	0.0	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.7	0.4	-2.1	0.3	-0.4	-0.9	-0.4	-0.6	11.2	-11.3	-0.5	14.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	37.2	26.2	35.3	32.1	26.9	41.5	60.9	32.9	14.0	49.0	55.3	45.5
Repayment of Borrowings	-42.2	-42.6	-30.2	-52.6	-41.3	-28.3	-60.5	-27.9	-30.0	-27.4	-44.3	-27.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.0	-16.4	5.1	-20.5	-14.4	13.2	0.5	5.0	-16.0	21.6	11.1	18.4
Net Cash Flow During the Period	8.0	11.8	-3.0	4.3	-9.2	-9.5	8.6	-0.2	-10.4	17.3	6.8	-4.7
Cash and Cash Equivalents at Beginning of Period	41.7	30.3	32.2	27.9	36.9	26.1	26.1	13.5	13.5	13.5	13.5	9.2
FX Difference from Revaluation	0.3	0.9	1.3	0.3	0.2	-1.0	0.3	-1.1	0.9	-0.5	-0.2	-0.1
Cash and Cash Equivalents at End of Period	50.1	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5

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RIC

What Is Changing

Drivers of RIC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▲

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Leverage & Liquidity ▼

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow